Uganda banks seek new funding models to finance $500b economy

Uganda's financial sector is seeking alternative funding models beyond traditional commercial banking to support the government's plan to grow the economy tenfold to $500 billion by 2040. Banks acknowledged they cannot alone finance the ambitious Fourth National Development Plan, which targets agro-industrialization, tourism, mineral extraction and manufacturing. The Uganda Bankers Association will convene its annual conference Sept. 18 to discuss mobilizing long-term capital from domestic, regional and international sources through capital markets, development finance and innovative financial structures.